ChatGPT is supposed to look into bank accounts. Banks may have a new problem

OpenAI started in United States tests of a new connection feature ChatGPT with bank accounts, payment cards, investments and financial obligations of users.

The solution is currently only available to select ChatGPT Pro users in the US. Thanks to the new function, the chatbot will not only answer questions about personal finances, but also analyze the user’s actual financial data.

ChatGPT will connect to your bank account via the Plaid platform

Responsible for connecting with financial institutions Plaidwhich is a platform used by many financial applications to access banking data. OpenAI announced that at the beginning the solution will support over 12,000. financial institutions.

Once you connect your accounts, ChatGPT can access your balances, transaction history, expenses, subscriptions, investments, and debt, among other things.

ChatGPT is designed to analyze your expenses and financial goals

The new feature allows users to ask questions about their own finances. ChatGPT can show you where you’re spending the most money, which subscriptions you might want to review, or whether your current savings rate will help you reach a specific financial goal.

It will also be possible to obtain tips on preparing for larger purchases or analyzing the current household budget.

The new feature may be a problem for banks

According to analysts, the biggest challenge for banks may not be the analysis of finances itself, but changing the place where customers start managing their money.

So far, the main point of contact was the banking application, where the user checked the balance, transaction history, loans or payment cards. If ChatGPT can see accounts from different banks and other financial products, it may become a more convenient financial management center.

Banks may lose part of their customer relationships

Such a change may weaken banks’ relationships with customers. Financial institutions will still maintain accounts and grant loans, but the advisory layer may be transferred to an external assistant based on artificial intelligence.

Analysts point out that the entity controlling the first contact with the customer may gain more and more influence on users’ financial decisions.

OpenAI ensures the protection of user data

OpenAI emphasizes that the user has full control over his or her data. The company notes that ChatGPT does not see full account numbers and cannot perform financial operations on its own.

Connected accounts are to be disconnected in the settings, and synchronized data is to be deleted from OpenAI systems within 30 days.

There are questions about the privacy of financial data

Despite these assurances, the new feature raises privacy questions. Bank account history may reveal not only the amount of income and expenses, but also the user’s daily habits, whereabouts, subscriptions and plans.

This is why financial data is considered some of the most sensitive information that users can provide to an external technology platform.